not sure if that's the full story.. bitcoin gets billions of dollars in revenues, and it seems like bitcoin will only account for $10 million or so annually (from march to may it was 1.6 million in revenues).
maybe the effect is indirect though. overstock accepts bitcoin and gets free publicity, so more people end up shopping there even if it means they are using their credit cards to pay.
Topic: Anybody notice that Overstock revenue is up 13% for Q2 since accepting bitcoin? (Read 826 times)
August 05, 2014, 03:32:19 PM
August 05, 2014, 03:20:54 PM
http://investors.overstock.com/phoenix.zhtml?c=131091&p=irol-newsArticle&ID=1950949=
We are pleased to have returned to double digit revenue growth while delivering our 10th profitable quarter in a row. In addition, our increases in technology spending have supported an innovation cycle that has spun up to the point that we can conceive and execute on ideas much faster than at any previous time in our existence. A good example of this is the credit facility that we started offering customers this week, on competitive, and in some cases, significantly stronger terms than Amazon offers on its store card. Other examples from 2014 include Bitcoin, Pet Adoptions, Insurance, and Supplier Oasis Fulfillment Services (which is an alternative to Amazon Fulfillment Services at a fraction of the price). Barring exogenous events, I anticipate that our innovative efforts will continue gathering momentum.
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